No two ways about it, October was not a good month for the Seattle condo market.
In fact, October was the second lowest month of the year with 124 homes closed. The lowest was February with 116 homes closed. Inventory remains about the same with 1,349 units for sale, 0.9% higher compared to a year ago.
Compared to October of 2009, both pending and closed sales in October 2010 took a big dip. Pending sales were down 50.37% and closed sales were down 32.61%. Median closed prices were 17% lower than a year ago (and dropped from $297,000 this September 2010 to $250,000 this past October).
Based on pending sales, we have about 10 months of inventory on the market. If we based it on closed sales, the number is slightly higher at 11 months. As we approach the slower holiday season, next quarter number's are not expected to show much improvement.